SEJONG, Feb. 7 (Korea Bizwire) – South Korea launched a joint committee of the government and the private sector to coordinate policies on the car industry, which has been suffering from contracted demand at home and abroad, the government said Tuesday. “The South Korean car industry is at a turning point amid the ongoing fourth [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s IT industry is expected to bask in robust business performance this year, while automakers and shipbuilders face tougher conditions, a report showed Tuesday. According to the report compiled by the Korea Chamber of Commerce and Industry (KCCI), most sectors are faced with uncertainties at home and abroad, [...]
SEOUL, Jan. 17 (Korea Bizwire) – The number of registered vehicles in South Korea continued to grow, nearing 22 million in 2016, the government said Tuesday. Car registrations came to 21,803,351 units as of end-2016, up 3.9 percent or some 813,000 from a year earlier, according to the Ministry of Land, Infrastructure and Transport. The [...]
SEOUL, Jan. 9 (Korea Bizwire) – South Korea’s local automobile output dropped significantly from a year earlier in 2016, also slipping a notch to the world’s sixth-largest producer of cars, industry data showed Monday. According to the data from the Korea Automobile Manufacturers Association (KAMA), five South Korea-based automakers produced a combined total of 4,228,536 [...]
SEOUL, Dec. 6 (Korea Bizwire) – Korean auto parts makers are growing more active overseas, backed by factors ranging from personnel costs to the possible global protectionism that may be triggered by U.S. president-elect Donald Trump in line with his election pledges. Castec Korea, a manufacturer of automobile components that supplies parts to global automakers [...]
SEOUL, Oct. 18 (Korea Bizwire) – South Korea’s top automotive group Hyundai Motor Group will work to expand its presence in the Chinese market with its overall production capacity there expected to reach 2.7 million vehicles per year in 2018, the automaker said Tuesday. The plan was announced at a ceremony, marking the construction of [...]
“The Chinese economy is facing slower growth and the South Korean economy is still sluggish. So there are difficult business environments going forward.” – Kim Tae-yun, president of Beijing Hyundai Motor Co. BEIJING, Feb. 14 (Korea Bizwire) –The head of Hyundai Motor Co.’s Chinese unit forecast a “difficult” business outlook in China this [...]
SEOUL, Oct. 4 (Korea Bizwire) – The higher the demand for imported vehicles has soared up, the much greater the financial size of South Korea’s credit-specialized finance companies (CSFCs) for auto installment loans and facility leasing is for the first half of 2014. According to the report from the Financial Supervisory Service in South Korea, [...]
SEOUL, Sep. 23 (Korea Bizwire) – The cumulative number of imported cars surges to the new record, totaling over 1 million since the first influx of foreign vehicles 27 years ago. As of August this year, the number of imported passenger cars is 1,006,328 units, according to the Korea Automobile Manufacturers Assn. Last month, the [...]
CARSON, Calif, March 21, 2014 (Korea Bizwire) - Lengthy vehicle ownership is the new normal, even as the economy improves, according to AutoMD.com’s 2014 Vehicle Mileage Survey*, with nearly 80% of consumers comfortable with a 10+ years or ‘until it dies’ vehicle lifespan. And, the majority who are keeping their vehicle for longer say that [...]